05.10.2009 - No collateral for Nakheel's bondholders
From Thenational.ae: More forensics on the restructuring going on at Dubai World. Commentators expressed some alarm at the move to shift assets from Nakheel to Istithmar World, worrying that it was hollowing out the company and reducing the amount of collateral available to owners of Nakheel's $3.5 billion sukuk should the company default. They're worrying for nothing. A closer examination of the terms of the sukuk as laid out in the prospectus, reveals that the sukuk is unsecured..................Full Article: Source